Wednesday, August 19, 2009

EAIT Withdrawal Offer

In the ongoing Everest Financial Saga the next event is the EAIT withdrawal offer. Everest will allow investors to withdraw part of their investment in the EAIT fund of hedge funds that was once listed on the ASX. Like many unlisted hedge funds you cannot redeem units any time you like from the fund but only at specific windows and only then in specified amounts. This is due to lock-ups in the underlying funds. This is an additional early withdrawal offer in addition to the previously announced December 2009 withdrawal. However, any withdrawal you make now in September will be deducted from your December 2009 maximum withdrawal allocation. The maximum number of units you can withdraw is 22% of your holding. A decision must be made by 7 September. The September offer is at a 5% discount to NTA while the December offer is at a 7.5% discount.

EAIT is currently our biggest hedge fund holding as shown in this table of shares of gross assets:

Any fund that engages in hedging exposure to the stock market is classified as a hedge fund here whether the manager classifies it as such and whether the manager receives performance incentives or not. Our total hedge fund allocation is below our 14% target. Whereas TFS, Hussman, and Platinum are all single manager funds, EAIT is a fund of hedge funds invested in a variety of strategies. Our biggest exposure to a single manager is Platinum. Given that the stock market is beginning to recover and we don't have a need for cash I'm inclined to at least wait till December and probably longer. I don't see why we should redeem units below NTA. Offers in coming years will be at NTA.

There is also a 7.6 cent a share income distribution to be paid in September. I'm really not going to be able to do my 2008-9 taxes until the last minute I think.

EAIT has reduced there leverage to 31% and so our exposure is lower than in the above table and our total hedge fund exposure is down to 12.6%. It's time to look for new hedge fund investments :)

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